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BRICS member China has pressed the accelerator on de-dollarization as lending in the Chinese yuan surges. China’s push for the yuan is working as trade and investments are moving away from the US dollar-based system and are entering into a multipolar world. The country’s exposure to the US dollar is declining as businesses are considering the yuan. The latest data from the Financial Times shows that deposits and bond investments by Chinese banks quadrupled to Rmb3.4tn ($480 billion) in five years. The development shows that the US dollar is no longer the central figure of trade and commerce. The BRICS de-dollarization agenda is working, despite its scale being smaller, while Chinese yuan settlements have doubled. Also Read: BRICS Speeds Up Dollar Selling, Chinese Firms Offload $51.8 Billion Source: SWIFT, Wind Exporters and importers in China are now using the Chinese yuan in settlements, the highest since December 2020. The move supports the BRICS de-dollarization agenda an...

BRICS member Ethiopia is in talks with China to convert its $5.38 billion worth of loans from the US dollar into the Chinese yuan. Ethiopia owes China $5.38 billion and plans to settle the payments in yuan-denominated loans. The move would bolster the local currency, giving it more strength in the forex markets. Eyob Tekalign, Ethiopia’s central bank Governor, is in discussions with BRICS member China for a potential swap to pay off loans in the Chinese yuan. Paying in the yuan-denominated loans helps Ethiopia save millions in foreign exchange rates. Paying in the US dollar is a costly affair, and converting the payments to yuan is cheaper. For context, BRICS member India saved close to $7 billion in foreign exchange rates for procuring oil in local currencies. Also Read: What The BRICS Currency Union Means for the US Dollar and Markets BRICS: US Dollar Loans To Be Converted Into Chinese Yuan Source: kitco.com / Shutterstock China is making all moves to internationalize the Chines...

BRICS members Russia, China, and India are looking at the Chinese yuan for oil settlements and not the US dollar. Reuters reported that Russian refiners are seeking payments in the Chinese yuan from Indian oil and gas firms. China, the largest buyer of Russian oil, has convinced the Putin administration to push for local currency for settlements. Indian oil refiners did not immediately respond to the demand from their BRICS counterpart, Russia, for oil payments in the Chinese yuan. However, Reuters quoted two sources who said that India already paid the Chinese yuan for three cargoes of Russian oil. This development has not been officially confirmed by the oil refiners. Also Read: Wall Street Buys 1,300+ Tonnes of Gold Before BRICS Currency Launch Also, India rotated payments in the Chinese yuan, Russian ruble, rupee, and the dirham. After China supported Pakistan post the Kashmir attacks, India stopped paying the Chinese yuan. Trump’s tariffs and trade wars also dealt a blow to t...

The BRICS Pay system is receiving interest from the European Union, countries from South America, and Africa. The alliance is strategically expanding its global footprint by allowing many countries to join the payment system. Not just countries, the bloc is partnering with fintech entities, banks, and technological firms to strengthen the payment mechanism. Andrey Mikhaylishin, co-founder of the BRICS Pay project, confirmed that they’re receiving interest from all over. “We observe considerable inbound interest from the European Union, Latin America, and Africa,” he said. Mikhaylishin is eyeing Africa closely as over 1.5 billion people lack access to traditional payment cards. Also Read: How the US Plans to Counter BRICS De-Dollarization Agenda Africa Could Make BRICS Pay Grow Stronger Source: Valery Sharifulin (TASS) The demography represents a significant opportunity for BRICS Pay to grow and gain control of the African continent. It could become a pivotal financial technology e...

Brazil’s President Lula da Silva to convene a BRICS virtual meeting next Monday to discuss Trump’s tariffs and trade policies. The alliance will most likely release a joint statement on the White House’s trade policies after the online gathering. The show of strength comes after India, Russia, and China are holding high-level talks this week to safeguard their economies from trade wars. Lula da Silva will convene the BRICS virtual meet as Trump imposed 50% tariffs on Brazil and India last month. The bloc now wants to protect its economy and businesses from the tariffs imposed by the White House. Brazil and India have been affected by the decision, leading to the alliance group after the July summit. Also Read: India Offers Zero Tariff Deal, Trump Says ‘It’s Too Late’ Amid BRICS What Will Brazil Discuss In the BRICS Virtual Meet on Monday? Source: Reuters Brazil’s Lula da Silva will focus on multilateralism in the BRICS virtual meet on Monday, said a source close ...

BRICS is beating the drum of a US dollar decline even before launching a common currency in the global markets. The operating style is typical of that of any developing country where leaders talk big but deliver nothing. It also reflects the mindset of emerging economies where a simple piece of governmental work is lauded as ‘major achievement’. Even the BRICS de-dollarization agenda falls under the same category which is heavily exaggerated to the brim by their leaders. Also Read: BRICS Inspires 15 Countries To Use Homegrown Payment System Rewriting trade deals and forging new partnerships is a daily yet regular phenomenon in the global financial world. That’s not the case for BRICS members, as each trade deal is shown as a brownie point to their people marketed as de-dollarization. While we agree that BRICS settled many deals in local currencies, the number is minuscule compared to the global trade volume. It is as good as making a mountain out of a molehill, which l...

It has been a rather complicated few months for the leading collective of the Global South. Amid ongoing tensions for the BRICS bloc and its members, one key reason is emerging that could lead India to eventually leave the economic alliance entirely. The country has seen no shortage of reasons to potentially see increased tensions with the group. Its conflict with China has been well documented, although it has been resolved to this point. However, in its place is a new issue that is beginning to fracture its relationship with the group. Source: Rafael Neddermeyer Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies BRICS Facing Issue that Could Eventually See India Quit the Collective The start of the year saw US President Donald Trump once again return to the White House. That has brought with it increased geopolitical tensions, as his protectionist economic policy has threatened several global relationships. Moreover, it is worse for the BRICS bloc, as he entered th...

Russia’s Foreign Minister, Sergey Lavrov confirmed that BRICS has paid more than 65% of trade settlements among member countries in local currencies and not the US dollar. Only around one-third of all trade payments were settled in the US dollar, the minister added. The greenback is declining while local currencies are filling in the void in the forex markets. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 The significant drop in the usage of the US dollar is alarming as BRICS is primarily using local currencies for cross-border transactions. The US dollar stands at a pivotal time in history where its dominance is being challenged by developing countries. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: 65% of Trade Among Members Settled in Local Currencies Source: iStock The dollar’s share in trade settlements is dropping massive...

Amid increased geopolitical uncertainty, the BRICS alliance is taking action, as the bloc has launched an initiative for an international payment system. Indeed, Russian foreign minister Sergey Lavrov has announced the efforts for the bloc to create a payment system that rivals the Western-dominated SWIFT in a recent statement. The efforts come as a global trade war appears to be inching closer. China, one of the original BRICS countries, is caught in a battle of increased tariffs with the United States that may soon create even more divide and disdain between the West and the Global South. JUST IN: Russian Foreign Minister Sergey Lavrov says BRICS is exploring the creation of a new payments platform. pic.twitter.com/v6buM08lmo — BRICS News (@BRICSinfo) April 11, 2025 Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts BRICS Launching New Payment System Initiative Amid Rising Global Tensions The global economy has seen tension increase over the last two weeks. Speci...

The rising tensions between the West and the global South have driven growing geopolitical concerns. With economies preparing for the worst, the BRICS bloc has made a major announcement regarding the US dollar amid President Donald Trump’s 100% tariff warning. During his most recent tirade targeting the alliance, Trump proclaimed that “BRICS is dead.” He noted that the nation seeking to lead a de-dollarization trend in the global economy would face unprecedented import taxes. Now, the bloc has responded, and it could give insight into how far this conflict will go. Source: NY Post Also Read: Trump Threatens Trade War: Warns of 100% Tariffs on BRICS BRICS Speak Up on US Dollar as Trump Tariff Looms Large Less than two months into his second nonconsecutive term as US President, Donald Trump has made his efforts to preserve the dollar one of his most important missions. That is clearly seen in the action he has taken against the BRICS alliance. The group has sought to les...

BRICS member India’s local currency rupee is facing heavy pressure from the US dollar in the forex markets in 2025. The INR dipped to an all-time low of 86.65 on Monday and was close to falling to a lifetime low of 87. However, the local currency managed to break the downward spell and briefly surged to 86.46 on Thursday’s opening bell. Also Read: BRICS: Russia & Myanmar to Trade In Local Currency, Ditch US Dollar Source: Google India is accused of intervention in the currency markets to keep the rupee from crashing against the USD. Reuters reported that the Reserve Bank of India (RBI) directed state-run banks to dump billions worth of US dollars in the currency market to keep the rupee from falling. This is not the first time that BRICS member India has been accused of market intervention to safeguard the rupee. The country most likely intervened thrice in 2024 and twice in 2025 to protect the rupee from sliding. The BRICS country’s local currency brief correction on ...

The BRICS alliance is worried that President-elect Donald Trump could impose a 100% tariff on semiconductor supplies entering the US. Trump recently warned the alliance of dire consequences if they move away from the US dollar for trade and transactions. The 47th President wants the US dollar to remain supreme and not fall prey to the ongoing global de-dollarization agenda. Also Read: BRICS: Global US Dollar Payments Fall Below 50% The latest report shows that Trump plans to impose a 100% tariff on semiconductor supplies making its way to the US if BRICS does not abandon the de-dollarization initiative. The new BRICS ‘partner country’ Malaysia stated that Trump is eyeing the semiconductors supplies to take on the alliance. Read here to know the sectors that will be affected if BRICS ditches the US dollar for trade. Also Read: Top Economist Predicts the Future of BRICS Currency BRICS: Trump to Weaponize Semiconductor Supplies? Source: Getty Images Malaysian Trade & Industry M...

The curtains are off and the messaging is clear on the wall that BRICS is after the US dollar’s global dominance. The alliance has thrown the challenge right at America’s doorstep threatening to replace the currency from the world’s reserve status. The 16th summit in Kazan threw in several punches at the US and the West indicating that global financial power might not last forever. Also Read: Western Leaders React to BRICS 2024 Summit BRICS: The First Punch at the US Dollar BRICS threw the first punch by launching a mock-up of a new BRICS currency that could soon take shape. The unveiling of the ‘BRICS bill’ in Kazan is a paradigm shift in how the global finances operate. The bloc aims to shift the power of balance from the West to the East through the new payment method. This puts significant pressure on the US dollar to perform or perish, as BRICS is ushering into a new financial era. JUST IN: Russian President Putin has been gifted a mock-up of a "BRICS...